India’s Bitcoin Holdings Claim Raises Questions Amid Lack of Evidence

India has reportedly become the second-largest Bitcoin holder, estimated at 1 million BTC, amidst policy challenges, as BlockBeats News reports from August 4th.

The unverified data suggests significant market enthusiasm and could influence regional crypto dynamics despite regulatory constraints.

India’s Bitcoin Reserve Claim Faces Scrutiny

Reports circulated claiming India now holds about 1 million Bitcoin, positioning the country as the second-largest global holder. However, this claim lacks verification from official government or blockchain data, relying primarily on social media and speculative industry judgments.

India’s regulatory climate, characterized by high taxation, impedes large-scale institutional investments, focusing involvement mainly on retail participants. Despite these challenges, India boasts a robust user base, affirming its leadership in individual crypto usage over institutional holdings.

“While we acknowledge the robust retail adoption of cryptocurrencies in India, there is no verified source substantiating the claim that India holds 1 million BTC.” — Sumit Gupta, Co-Founder and CEO, CoinDCX

Crypto User Base Surges Amid Strict Regulations

Did you know? India’s crypto user base has hit 100 million, leading global adoption, yet lacks significant institutional Bitcoin holdings due to strict taxation policies.

According to CoinMarketCap, Bitcoin (BTC) is priced at $114,849.34 with a market cap of roughly $2.29 trillion, maintaining 60.91% market dominance. Its value rose by 0.79% over 24 hours, adding to a 21.48% increase over 90 days, as of August 4, 2025.

Coincu’s research team highlights a significant shift in retail crypto adoption in India despite challenging regulations. The growth in user numbers signifies an untapped potential for future technological adoption, as also suggested by an analysis of government Bitcoin holdings projected for 2025, contingent upon policy relaxation and broader market facilitation.